Before paying with bitcoins… | OnGuard Online

If you shop online — and who doesn’t? — you might notice that some websites let you pay with bitcoins.

Virtual or crypto currencies like Bitcoin can be a fast way to pay online, or in person with a mobile app.But using virtual currencies comes with risk. Their value goes up and down — sometimes sharply — depending on demand. In addition, payments made with virtual currencies aren’t reversible and don’t have the same legal protections as some traditional payment methods.

Once you hit send, you can’t get your money back unless the seller agrees.

That’s why it’s important to know who you’re buying from and what policies they have regarding refunds, returns, and disputes.

June 22, 2015 | by Kristin CohenOffice of Technology Research and Investigation, FTC